QUOTE OF THE DAY
"I guess it’s over."- Rep. Michele Bachmann (R-Minn.) on ABC's "Good Morning America" discussing the false claim made by Donald Trump and others that President Obama was not born in the United States.
COMMENT OF THE DAY
"Combined service cuts & tax hikes are the only way. Everything else is as silly as a diet plan that doesn't involve exercise & eating less."- Comment from "SageThrasher" on "Poll: Americans oppose entitlement cuts to slash debt"
Join the Discussion
Q&A DISCUSSIONS
Q: DEBTWhy didn't S&P talk about Bush deficits when Bush was president? Aren't the Bush tax cuts for EVERYONE set to expire on January 1st, 2013? Won't that have a major effect on the deficit when they do expire if Congress does nothing?
A: DAVID WYSS :
We did talk about the Bush deficits and the introduction of both tax cuts and Medicare part D. However, back then no one was paying attention. We started in 2006 pointing out that the US budget was on an unsusatainable course and that either spending had to be cut or taxes increased to keep debt within realistic bounds. The difference now is that we are running out of time. In 2006, we had 8 years to fix the problem; now we have 2 or 3. The deficit now is three times the last Bush deficit, but the tax cuts and spending increases in the last administration were also unaffordable.
Read the full discussion with David A. Wyss, chief economist at Standard & Poor’s
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